A
Tulsa insurance agent has pleaded guilty to exploitation of the elderly for
defrauding a Muskogee couple out of nearly $300,000. Presley Keith Dennis was
arrested in January after an investigation by the Oklahoma Insurance
Department's Anti-Fraud Unit.
"We
take crimes like this very seriously," said Oklahoma Insurance
Commissioner John D. Doak. "Licensed insurance agents should protect their
clients, not take advantage of them. Insurance commend our Anti-Fraud
investigators for their hard work in this case. They will continue to look out
for Oklahoma consumers and make sure any bad actors out there are brought to
justice."
The
victims, an 80-year-old man and his 68-year-old wife, told investigators that
Dennis convinced them to withdraw $300,000 from their annuities and invest it
in his company, Dennis Investments, an unlicensed investment firm. They also
said Dennis persuaded them to create a joint checking account with him so he
could access the money to make investments. Instead of investing the money,
Dennis spent it on past due child support, country club memberships and
restaurants.
Dennis
pleaded guilty to one count of exploitation of the elderly. He was given a
15-year suspended sentence, ordered to pay a $500 fine and pay $293,265.83 in
restitution.
ABOUT
THE OKLAHOMA INSURANCE DEPARTMENT The Oklahoma Insurance Department, an agency
of the State of Oklahoma, is responsible for the education and protection of
the insurance-buying public and for oversight of the insurance industry in the
state.
For
more information contact: Kelly Collins (405) 522-0683 Kelly.Collins@oid.ok.gov
SOURCE
Oklahoma Insurance Department
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